Over the past few days, the price of Bitcoin (BTC) has experienced a sharp upward trend, which has seen it climb to new heights. However, it seems that the bullish momentum may be slowing down as BTC approaches a strong resistance level. Currently, the price line is showing signs of decreasing bullish slope and there are indications that a bearish phase may be imminent. One of the key indicators to support this is the Relative Strength Index (RSI), which has issued negative divergence, suggesting that the buying momentum is losing steam. Additionally, the Moving Average Convergence Divergence (MACD) indicator is showing a possibility of a trend reversal. Overall, it seems that BTC is facing some resistance at its current price level and it is important for traders to keep a close eye on these indicators to identify any potential trend changes.
• There is a resistance level at 28550 followed by resistance at 29200 and 29750.
• There is a support level at 22000. Below, there is 20500 and 19700.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
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